Hong Kong Dives into Recession as Economy Shrinks

Hong Kong fell in technical recession after economy shrank for two consecutive quarters. The domestic economy shrank 3.2% in the third quarter from the previous quarter, according to data released by government today. The gross domestic product drop between July and September followed a 0.4% drop in the second quarter.

The GDP in the third quarter was 2.9% lower than the same quarter a year ago, the lowest in a decade.